Xcalibra Evolution: New features and KYC rules

Recently published blog post from Xcalibra regarding the upcoming shift for the platform to a licensed model. This will require all members to be KYC verified by September 15th, 2020. Non verified members will have until January 31, 2021 to withdraw their funds.

Success with this move will mean a regulated environment for acquisition and liquidation of crypto assets directly for Euros (EUR) and Swiss Francs (CHF). These include Safex Cash (SFX), Safex Token (SFT), Bitcoin(BTC), and Ethereum (ETH).

Having a credible place to do business with crypto merged with banking at a sustainable scale can benefit from this emergence.

And it comes at a time after more than a year of team work, development, and care.

You can read the full text and see screenshots of the upcoming “Managed Account” feature:
https://xcalibra.com/blog/xcalibra-evolution

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Although i love Xcalibra and i encourage people to use it, i think the mandatory KYC is against freedom . What will prevent an Xcalibra employee to come to my home pointing a gun at me and say send your coins to this address… Also there goes keeping our safex stash secret from the tax office… I don’t want any faceless admin to have a copy of my passport or id plus any other details. I understand the need to have KYC but Why not having a 1000$ week limit without KYC. I am very sorry but for safety reasons and freedom ethics i have to switch to livecoin . Non-KYC exchange listings will be benefitial for the project and must be pursued. GO SAFEX

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You are perfectly entitled to your opinion, though you are giving some hyperbole claims here. It is not worth arguing.

What is worth noting is that if you want to conduct business with banks then this is the way.

So far safex has never had the ability for people with money in the bank to directly buy safex. Hopefully we will have that opportunity now. There is way more business and more money and support in the world where people want to be in a regulated and transparent place.

I support non kyc exchanges; however, the benefits coming from xcalibra far exceed those benefits of nonkyc. Real whales and real investors use platforms that are licensed and credible and those people want their holdings documented so they dont have stress when the amounts are large.

There is a plus and minus to all things. We’ve had 0 kyc and 0 fiat access to safex for all time. Time for upgrade. Time for a change.

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Thanks for your immediate responce . I agree with you 100% it’s a huge step forward for safex and Xcalibra. Definitely will bring credibility and open a new horizon for a bigger part of people who want to conduct serious business.
I really like your new approach.
Just wanted to point that if it was in the rules to keep the no KYC option for small amounts it would be nice (as many top exchanges do) but as long as we still have the no KYC option available it’s fine. (livecoin for now hopefully more in the future).
As you said it is not worth arguing , It’s time for a change, time to move forward United.
TWM Fair and Square !!!

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It is a good development, there is no reason to “hide assets from the tax office” if the individual is legitimate, and I believe bringing legitimacy brings bigger business. That is the reason for all this in the first place, to grow and spread, not to go underground.

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this is good news, there is alot more money to be made the legal way.

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Yes this will become very useful when the time comes for Bail-in’s.

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